The IBC Practitioner’s Program
What is the IBC Practitioner's Program?
The IBC Practitioner’s Program equips financial professionals with the tools and knowledge to effectively implement the Infinite Banking Concept® with their clients.
By completing this program, agents gain specialized training, certification, and access to a supportive network, enhancing their ability to deliver tailored financial solutions and build lasting client relationships.
Peruse the
Course Syllabus
The course is self-paced, consisting of a hard copy, three-ring binder course manual, and on-line instructional videos. Get an overview of the content of the Practitioner's Program and read an overview of each of the thirteen lectures.
Lecture Ia and Ib (Nash) - The Typical American’s Problem, Parts A & B
Closely following the treatment in Becoming Your Own Banker, in these openings lectures Nash explains that Americans devote a shocking percentage of their monthly income to finance charges of various kinds (credit cards, car payments, mortgage). Yet they brag at the water cooler about the rate of return they are earning on that small sliver of wealth they have invested. Americans focus on the rate of interest and ignore the volume of interest they pay out each month, which for most is a surprising percentage of their monthly income. Nash discusses the various psychological pitfalls plaguing Americans (Parkinson’s Law, Arrival Syndrome, Willie Sutton’s Law, Golden Rule, Use It or Lose It.), which are snares that will impede disciplined saving.
Lecture II (Murphy) - The Causes of the Housing Bubble and Lessons for Today
It is important for IBC Practitioners to know the basics of the current discussions about the economy and government/central bank policy. This lecture outlines the explanations for the housing bubble offered by three major schools of economic thought: The Chicago School, the Keynesian School, and the Austrian School. The focus in on the Austrian explanation, which (if correct) implies that the U.S. economy is in store for another major crash.
Lectures IIIa and IIIb (Lara) - Money, Inflation, and Fractional Reserve Banking
Because the “experts” do not understand our modern money and banking system, in these lectures Lara gives a brief historical introduction to these topics. He gives a thorough yet comprehensible explanation of the process by which the Federal Reserve buys assets and creates new reserves in the banking system. The commercial banks may then create new loans on top of the Fed’s injections, leading to a many-fold increase in new money creation. The result is a depreciating dollar (rising prices) and artificially low interest rates. In addition to general financial education, this lecture will also serve to underscore the benefits of financing cash flow needs through life insurance policy loans. In contrast to lending from the commercial banks, policy loans are not inflationary nor do they contribute to the business cycle.
Lectures Ia, Ib, Ic (Murphy) - The Economics of Life Insurance, Parts A, B, & C
Murphy walks through the nature and operation of life insurance from an economic perspective. This will help IBC Practitioners really understand how a whole life policy works, making it easier to give intuitive explanations to their own clients. Murphy will cover several topics, from both a theoretical level and through an actual policy illustration, including: (a) using mortality data and portfolio returns to compute the “actuarially fair” level premium on a whole life policy, (b) the definition of surrender cash value, and why it grows differently depending on the premium structure, (c) the process by which dividends are distributed, and (d) what actually happens when Paid Up Additions are purchased.
Lecture IIa and IIb (Nash & Murphy) - Using Whole Life to Become Your Own “Banker,” Parts A & B
The treatment closely follows Nash’s book and seminar. Nash first uses parable of setting up a grocery store, then compares it to setting up a traditional bank. He then shows how this can be achieved through dividend-paying whole life insurance. Explains concepts of “pool of money” and Economic Value Added (EVA), and gives rules for a successful business (“don’t steal the peas”).
In the second part, Murphy walks through the examples of car financing and equipment financing from Nash’s book. Murphy will use the same numbers as in Nash’s book, but will stress that the point is a relative comparison, to see which strategy does better over time. Today’s lower interest rates do not alter the conclusion.
Lecture III (Lara) - The Sound Money Solution and Its Connection With IBC
Lara outlines the “Sound Money Solution” as discussed in How Privatized Banking Really Works, in which the dollar is tied back to gold (which prevents the government from debasing the dollar) and government returns money and banking to the market. The climax of the lecture will be that insurance policy loans are not inflationary, meaning that each household that embraces IBC can “secede” from the broken system and put the entire economy on a more secure footing. The IBC Practitioner realizes that his or her individual efforts to educate clients and make a living, actually promote the general prosperity of the country.
Lecture IVa (Lara) and IVb (Murphy) - Important Episodes in the History of Whole Life, Parts A & B
The main lecture outlines the traditional role of whole life as a savings vehicle for average American households, and explains why that status changed over time. It gives a brief history of the origin of the policy loan, and its role in the "arbitrage" problems plaguing life insurance companies during the 1960s and 1970s. The lecture explains the role of the 1979 FTC report in pushing the public out of whole life and into Universal Life, and it also explains the relevance of the 1986 and 1988 reforms of the tax code. The second lecture outlines some of the major weaknesses of typical demonstrations that seek to cast whole life in a negative light, when they compare it with the rival strategy of "buy term and invest the difference."
Lecture V (Murphy) - Communicating Popular IBC Topics to the General Public Without Causing Confusion
In the wake of the publication of Becoming Your Own Banker and the (long) seminar that Nelson Nash began putting on for the general public, life insurance agents began developing their own techniques to distill the insights of BYOB into digestible chunks that would attract the interest of the average person. The function of these techniques was to challenge or intrigue the client or prospect, so that he or she would realize there was “something here” and go forward with reading the book or at least further discussing the application of IBC. Unfortunately, in several cases the rhetorical devices were either inaccurate or, if they were not necessarily wrong, they could have understandably led some members of the public to misunderstand what was being claimed about the power or effectiveness of IBC.
Lecture I (Murphy) - Tax Considerations in Policy Design
Overview of the tax rules governing life insurance, including “MEC” limits and the use of PUA and term riders. Explain that PUA buys a “mini policy” that is effectively a single-pay with same structure of base policy.
Lecture IIa and IIb (Nash and Murphy) - Choosing the Right Product and Features From a Bewildering Menu, Parts A & B
The first lecture covers the nuts-and-bolts of the different product types (UL, VL, IUL, etc.), explaining how they work, to make sure the IBC Practitioner understands the main features of each type. Then Murphy explains why Nelson Nash prefers to “do IBC” solely with Whole Life. The second lecture will will explain direct vs. non-direct recognition, and why insurers adopt different rules. He will explain the impact on a client from these different products and features.
Lecture IIIa and IIIb (Nash and Lara) - Matching the Policy to the Client
Lara walks through the construction of two actual policy illustrations, tailored to two hypothetical clients. The first is a middle-income, 35-year-old salaried man, while the second is a high-income, 50-year-old business owner.
Lecture IV (Nash) - Legacy
Nash opens with a discussion of building up a system of policies on one’s children and grandchildren. Perhaps discusses the option of giving child / grandchild an insurance policy with cash value to start a business, rather than a college education. This knowledge will be essential for clients who are uninsurable.
Lecture V (Murphy) - The Importance of Mutuals and a Good Reputation
Murphy explains the emphasis that Nelson Nash places on mutual companies, and goes over the stock/holding company/mutual classification. This is a powerful message that will spread not only among households but business owners.
Lecture VI (Lara) - Building the 10%
The themes of Austrian economics, the Sound Money Solution, and the Infinite Banking Concept all come together when a “tipping point” of the proper segment of the citizenry have been properly informed about the true nature of our financial problem, and the solution. At this point the demand for IBC will exponentially multiply. For this reason, it is critical that IBC Practitioners adopt a strategy of educating the public, using the books, videos, and other materials from the Nelson Nash Institute and other appropriate sources. Lara will explain that this is not a “chore” but in fact is an excellent way to ensure a stream of interested potential clients who already understand how IBC works and realize its ability to solve their financial problem.
Meet the Instructors

R. Nelson Nash
Nelson received his BS degree in Forestry from the University of Georgia in 1952 and worked as a forestry consultant for 10 years in North Carolina where he introduced and developed a number of concepts and innovative forestry practices. He was also active in real estate investing for over 30 years.
He spent over 35 years as an agent for two major mutual life insurance companies. He is a life member of the Million Dollar Roundtable (MDRT), a member of Equitable Life Assurance Society's Hall of Fame. He a Chartered Life Underwriter (CLU).
He has spent over 55 years in the study of economics (The Austrian School of thought). This began with The Foundation for Economic Education (FEE). Leonard E. Read, founder of that organization became his mentor. He is a charter member of the Leonard E. Read Society.
He is author of Becoming Your Own Banker© and Building Your Warehouse of Wealth©. He teaches these two books all over the United States and Canada in seminars that are 10 hours in length and has done as many as 50 seminars per year.
He has been an airplane pilot for over 66 years and has over 5,000 hours flying time in military and civilian aircraft. He earned Master Aviator wings in the Army National Guard.

L. Carlos Lara
The firm’s primary services are capital formation and business reorganizations.
Lara has held all the required licenses as a Registered Broker-Dealer and member of the National Association of Securities Dealers (NASD). His background makes him a regular speaker at credit management symposiums and conferences. During the 1980s he taught classes on credit management to credit executives seeking the ABCE accreditation, now the Certified Credit Executive (C.C.E.), for the National Association of Credit Management (NACM).
He is a passionate advocate of Austrian Economics and frequently writes and speaks on the subject. In 2010 he co-authored How Privatized Banking Really Works with economist Robert P. Murphy. Together they publish the Lara-Murphy Report, a special on-line economic research and reporting newsletter for financial professionals.

Dr. Robert P. Murphy
Murphy is the author of hundreds of articles and several books, including The Politically Incorrect Guide to Capitalism, the Study Guide to Ludwig von Mises' Human Action, and (with co-author Carlos Lara) How Privatized Banking Really Works. Murphy has testified before Congress on monetary and energy policies. He is a co-creator of the Infinite Banking Concept (IBC) Practitioner's Program, an online training course for financial professionals.
How Do I Get Started?
1 Read the FAQ
The Practitioner’s FAQ has been designed to address the questions that most people will have about the program.
1.0 – Overview
It is an educational program designed for financial professionals who wish to make the Infinite Banking Concept (IBC) part of their client relationships. The IBC Practitioner’s Program consists of online educational videos, a Program Manual, and an Exam. Graduates of the Program can be sure that they will possess a solid foundation in the theory and implementation of IBC, as well as an understanding of Austrian economics and its unique insights into our monetary and banking institutions.
Nash’s previous efforts focused on educating the general public. In contrast, this new Program is exclusively designed for financial professionals, including insurance producers but also attorneys, CPAs, financial planners, and anyone else who interacts with clients concerning their money. The purpose of the IBC Practitioner’s Program is to gather and nurture a group of trained and credible financial professionals that the public can trust for their needs related to IBC.
The Program is divided into three main sections: THE PROBLEM, THE SOLUTION, and THE IMPLEMENTATION. Within each section there are separate lectures, covering topics such an explanation of the housing bubble, an actuarial treatment of the whole life insurance product, how to read policy illustrations, and an overview of tax considerations in policy design. See the syllabus above.
The financial professional who enrolls in the Program must read the Manual (355 pages) and watch the series of online videos (approximately 12 hours of material), to prepare for an in-depth, online, multiple-choice exam that has a time limit of 2 hours.
Once they have been admitted to the Program, enrollees can move through the online videos at their own pace, and can schedule an online exam at any time, but for most enrollees, it will take at least two weeks to absorb the education and adequately prepare for the exam.
Upon successful completion of the exam with a score of 80% or higher, the student will be assigned an IBC Practitioner Mentor. (The student will be informed after the interview if he or she must complete the mentor phase prior to being granted membership status.) Access the IBC Practitioner Mentor Program document here: download.
After successful completion of the mentoring phase, the student will be offered membership as an Authorized IBC Practitioner. the Nelson Nash Institute (NNI) website (if the graduate desires) will be updated to reflect the new IBC Practitioner, typically within one week.
A: The enrollee needs a computer with an adequate internet connection to watch streaming video, and a webcam to allow for proctoring of the Exam, which will be provided by a third-party service. To review the technical requirements for remotely proctored testing, review this document.
The initial enrollment fee for anyone who enrolls is $1,995. The new enrollee will be provided with the course Manual, and access to the pre-recorded videos as well as any supplemental education that may be provided by the Program administrators.
When he or she feels ready to be tested, the enrollee is responsible for paying the fees for the online exam directly to the testing agency (which will be approximately $25 per test).
After passing the Exam, and completing the mentor program as required, the enrollee is responsible for an initial Membership Fee of $1,495 to become an IBC Practitioner.
Annual renewal fees will be required to maintain IBC Practitioner status, with the fee being $1,495. After this time, the “class of 2024” will then have a guaranteed ceiling on future renewal fees, which will rise according to the Consumer Price Index but with a cap of a 5% increase per year.
There will be a similar fee structure for students enrolling in the Practitioner’s Program in future years, but the baseline enrollment, initial membership and annual renewal fees (i.e. $1,995, $1,495 and $1,495, respectively) may be adjusted upward for them.
Not at this time.
The initial creation of the IBC Practitioner’s Program was a collaborative effort between the discoverer of IBC Nelson Nash, the creator of the Nelson Nash Institute David Stearns, businessman L. Carlos Lara, and economist Robert P. Murphy.
Throughout the process of designing the Program, its four creators sought the advice and review of various insurance actuaries, attorneys, and practicing producers to ensure the integrity and accuracy of the instruction.
The creators of the Program felt that any professional advising clients on their money must have an adequate grounding in how the economy actually works.
For decades, Nelson Nash has been a student of Austrian economics, which is the name for a certain school of thought (whose founders came from Austria) that specializes in the role of money and banking in the economy.
Nash has described IBC as “Austrian economics in action.” It was particularly appropriate to incorporate the Austrian perspective in the IBC Practitioner’s Program, as one of the creators, Robert P. Murphy, has a Ph.D. in economics and has spent years educating the general public in this area.
The Nelson Nash Institute (NNI) is an educational institution with the mission of educating the public and financial professions about the Infinite Banking Concept, as developed by Nelson Nash.
The IBC Practitioner’s Program is simply one aspect of the NNI’s broader mission of consumer and producer education. Nelson Nash was personally involved with the transition from the original IBC online presence to the Nelson Nash Institute, and he was also involved in every aspect of the creation of the IBC Practitioner’s Program.
One very important connection between the two entities is that only IBC Practitioners in good standing with the Program will be allowed to attend sessions of the IBC Think Tank, as explained more fully in the section 2.1 below.
2.0 – BENEFITS TO THE IBC PRACTITIONER
Once passing the Exam, graduates of the Program will be, if they desire, listed at the Nelson Nash Institute (NNI) website as “IBC Practitioner,” and will receive permission to use an official NNI logo on their website to advertise their new status.
Not only will this lead to possible referrals from the NNI site itself, but it will also allow the IBC Practitioner to reassure potential clients that he or she has been through a rigorous educational program, designed in collaboration with an outside economist and insurance actuaries, validating the theory and implementation of IBC.
Finally, in order to ensure that the public trusts the integrity of the IBC brand name, only IBC Practitioners and current IBC Practitioner Students in good standing with the Program will be allowed to attend sessions of the IBC Think Tank (in Birmingham, AL).
Only IBC Practitioners and IBC Practitioner Students will be allowed to make bulk purchases of Becoming Your Own Banker, How Privatized Banking Really Works, The Case For IBC, and The Perfect Investment from the NNI, as well as the sought-after Becoming Your Own Banker Seminar ProKit on DVD, featuring actual PowerPoint slides from Nash seminars.
(Commercial booksellers will still be eligible for bulk book purchases.)
Yes! It’s true, the purpose of the IBC Practitioner’s Program is to provide a broad base of knowledge to ensure a minimal level of competency in all of the areas a financial professional needs, in order to adequately discuss IBC with his or her clients. Even so, the old pro will still benefit from the training.
Veteran IBC producers already know that IBC works, but after taking the Program they are very likely to have a better understanding of why it works.
No. The purpose of the IBC Practitioner’s Program is to train and educate financial professionals, not to create a “selling system” for IBC. The Program will not directly provide marketing tools, except for the specific items (listing at the website) described above.
The NNI or other entities may provide such IBC-specific marketing tools, but these will not fall under the umbrella of the IBC Practitioner’s Program, which is strictly educational.
However, keep in mind that many of these other “tools” will be available only to IBC Practitioners in good standing with the Program.
No. The IBC Practitioner is someone whom the NNI will publicly recognize as trained to work with the general public in financial matters related to IBC.
However, passing the Program’s online Exam is not sufficient to receive permission from IBC LLC to train other financial professionals in IBC.
Going forward, the NNI will draw upon the ranks of IBC Practitioners for education of the growing community, including speaking roles at the IBC Think Tank and even contributing materials to the evolving IBC Practitioner’s Program itself.
Naturally, being an IBC Practitioner will be a necessary, but not a sufficient, condition for these opportunities
3.0 RESPONSIBILITIES OF THE IBC PRACTITIONER
When enrolling in the Program, the financial professional must sign the IBC Practitioner’s Agreement. This is a legal document between the student and IBC LLC, spelling out the respective commitments of both parties. This FAQ will summarize its essential elements.
The Agreement specifies that IBC will provide a course Manual, a series of restricted-access online educational videos, and an Exam to become an IBC Practitioner.
The student, in turn, will provide the initial enrollment fee and membership fee (for the first year), and then renewal fees in subsequent years.
If the student is a financial professional who wishes to advertise his status as an IBC Practitioner, he acknowledges possession of the proper licensing and other legal requirements to practice in his industry.
The student agrees not to reproduce the contents of the videos or the course Manual in any way.
Finally, the student agrees for those clients who want a policy that is intended to be used for the IBC, he will design it according to certain characteristics to ensure that these specific clients are getting a “Nelson Nash” policy, as described in his books and seminars.
If an IBC Practitioner is dealing with a client who asks for an “IBC,” “Nelson Nash,” “privatized banking,” or “banking” policy, or if the Practitioner recommends such a policy to the client, and/or if the client has come to the Practitioner by referral from his listing at the NNI website, then and only then the Practitioner must be sure to set this particular client up with a dividend-paying, whole life policy.
Yes! The restriction of a dividend-paying whole life policy applies only to those clients who desire a policy intended to be used for the IBC, as described above.
It is perfectly acceptable for the IBC Practitioner to provide other types of insurance policies for clients, so long as these clients do not believe they are receiving policies to serve the purposes conceived by Nelson Nash.
By joining the IBC Practitioner’s Program, the financial professional grants no more legal power to IBC over his practices, than what IBC LLC already owns.
Specifically, IBC LLC already has the legal power—with or without a signature on the IBC Practitioner Agreement—to stop financial professionals from using its trademarks “The Infinite Banking Concept” and “Becoming Your Own Banker,” and/or reproducing or creating derivative works of IBC LLC’s copyrighted works without permission.
Generally speaking, the “penalty” for an enrollee violating the terms of the IBC Practitioner’s Agreement is merely removal from the ranks of IBC Practitioners.
The only additional penalty that could possibly emanate from the IBC Practitioner's Agreement per se, would be the case where an enrollee takes material from the course Manual and/or its online videos, and attempts to reproduce it for the general public or other financial professionals, without permission from IBC.
But with respect to Becoming Your Own Banker and How Privatized Banking Really Works (two of the texts for the Program), the IBC Practitioner’s Agreement does not grant the copyright owners of these books any legal rights that they don’t already possess.
2 Sign the Agreement
You must sign and return the IBC Practitioner’s Agreement. A faxed or scanned copy is acceptable. Please email the scanned copy to [email protected]
Once we receive the signed agreement, we will contact the applicant and schedule a web conference interview.
Based on the NNI Board’s decision on candidate program acceptance, some candidates will have to complete the IBC Practitioner Mentor Program prior to being offered Authorized IBC Practitioner membership status. Download the IBC Practitioner Mentor Program Document here: download
3 Pay the Enrollment Fee
After the NNI Board has conducted the candidate web conference interview, and reached a decision on whether the candidate will be accepted as a Practitioner student, we will email you instructions for payment. We accept checks and credit card payments.
4 Access the Online Course
When your payment is received, we will send your user name and password to access the content of the Practitioner’s Program, where you will work through the 14 lessons and take the final examination.
5 Receive the Materials
We will send your printed copy of the IBC Practitioner’s Program Course Manual (355 page, three-ring bound book) by USPS Priority Mail or UPS Ground shipping, along with a signed copy of your Agreement and your receipt.